The Reserve Bank of India (RBI) has returned the application of Jana Small Finance Bank to become a universal bank due to non-fulfilment of criteria.

The Bengaluru-headquartered small finance bank (SFB) had applied in June this year, in line with the RBI guidelines for voluntary transition of small finance banks (SFBs) to universal banks issued in April 2024.

In August, AU SFB received the RBI’s in-principle approval to become a universal bank over a defined timeline. 

Ujjivan SFB’s approval is pending with the RBI.